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Bitcoin grows again at double-digit pace

Bitcoin’s success story continues. After a short pullback towards the lower boundary of $ 30K, the benchmark cryptocurrency again aims at $ 40K. Over the past 24 hours, Bitcoin has been adding more than 12% and is trading at about $ 38K. The Bitcoin dominance index remains at about 70%, while the total cryptocurrency market capitalization has again exceeded $ 1 trillion. Now this threshold level has a psychological impact on retail participants in the crypto market, confirming the course for further growth. In 2017, the crypto market was already approaching this mark, but after that a large-scale correction began, which led to crypto winter. We now see that the crypto machine is actively picking up speed around this value, which stimulates investor optimism. Earlier, on the approach to $ 20K, Bitcoin faced many waves of corrections, and now the coin may face waves of profit taking as it reaches $ 40K. Nevertheless, in the crypto community, the forecast for growth up to $ 50K is becoming stronger. Given the volatile nature of the crypto market, this price level is quite real. Institutional investors at the end of last year announced growth targets not only above 100K, but also above 300K, suggesting the potential for multiple growth from current levels. Alternative cryptocurrencies supported the growth of the first cryptocurrency. Altcoins are now the most risky assets to invest, as they attract the highest retail demand, and therefore are more prone to correction than BTC. The largest 100 Bitcoin addresses have shown very bullish dynamics over the past 30 days. In total, almost 350,000 new bitcoins appeared on these wallets. Even more optimistic news is that most of these addresses did not react to the correction in any way. Withdrawals were recorded on a very small number of Bitcoin addresses, however, it is worth noting that the inflow of new funds to crypto funds dropped significantly during the first week of January. According to CoinShares, only $ 29 million was invested in institutional crypto funds during the first week of the new year. The week before Christmas, large capital invested more than $ 1 billion. Although this can be attributed to the fact that many investors were on winter holidays, if the influx funds in crypto funds will not increase towards the end of January, this may mean that big capital prefers to wait or even satisfy their demand for crypto. ___________ Alexander Kuptsikevich, Lead Analyst, FxPro

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